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Exactly one year ago, Ray put his money into a savings account that yi

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venmic
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Exactly one year ago, Ray put his money into a savings account that yi [#permalink] New post   11 Sep 2012, 22:48
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Exactly one year ago, Ray put his money into a savings account that yields 0.8% simple interest. If he has earned a profit of $28, how much did he originally deposit?

A. 350
B. 1400
C. 2800
D. 3000
E. 3500
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Bunuel
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Re: Exactly one year ago, Ray put his money into a savings account that yi [#permalink] New post   12 Sep 2012, 00:58
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venmic wrote:
Exactly one year ago, Ray put his money into a savings account that yields 0.8% simple interest. If he has earned a profit of $28, how much did he originally deposit?


3500

I am not able to understand the strcuure or logic can you please advice

Bunuel pleas help


\(x*\frac{0.8}{100}=28\) --> \(x=3,500\).
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jitgoel
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Re: Exactly one year ago, Ray put his money into a savings account that yi [#permalink] New post   12 Sep 2012, 01:09
venmic wrote:
Exactly one year ago, Ray put his money into a savings account that yields 0.8% simple interest. If he has earned a profit of $28, how much did he originally deposit?


3500

I am not able to understand the strcuure or logic can you please advice

Bunuel pleas help


Just divie 28*100/0.8 this will give you 3500.
Simple Interest = P*R*T/100
over here P is unknown
T is 1 year
Simple Interest is 28.
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premnath
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Re: Exactly one year ago, Ray put his money into a savings account that yi [#permalink] New post   12 Sep 2012, 10:06
venmic wrote:
Exactly one year ago, Ray put his money into a savings account that yields 0.8% simple interest. If he has earned a profit of $28, how much did he originally deposit?


3500

I am not able to understand the strcuure or logic can you please advice

Bunuel pleas help



There is problem in the question statement. Normally we call this earning "Interest", not "Profit". If you consider 'interest' then the question becomes logical.
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Re: Exactly one year ago, Ray put his money into a savings account that yi [#permalink] New post   28 Apr 2020, 07:54
venmic wrote:
Exactly one year ago, Ray put his money into a savings account that yields 0.8% simple interest. If he has earned a profit of $28, how much did he originally deposit?



I am not able to understand the strcuure or logic can you please advice

Bunuel pleas help


Given: Exactly one year ago, Ray put his money into a savings account that yields 0.8% simple interest.

Asked: If he has earned a profit of $28, how much did he originally deposit?

Let the money Ray originally deposited by x

.008x = $28
x = 28/.008 = 28000/8 = $3500

The money Ray originally deposited = $3500
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asmba
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Re: Exactly one year ago, Ray put his money into a savings account that yi [#permalink] New post   02 Jan 2023, 07:09
Another way to approach this can be:

x + 0.8x/100 = x + 28
0.8x = 2800
x = 3500
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Re: Exactly one year ago, Ray put his money into a savings account that yi [#permalink]
02 Jan 2023, 07:09
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